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v3.23.1

Investments (Tables) | 12 Months Ended
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Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investments as of December 31, 2022 are summarized as follows: Schedule of Investments
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 93,182,210 |  |  | $ | 180,643 |  |  | $ | (2,685,277 | ) |  | $ | 90,677,576 |
Obligations of states and political subdivisions |  |  | 6,675,071 |  |  |  | 13,869 |  |  |  | (458,137 | ) |  |  | 6,230,803 |
Corporate securities including public utilities |  |  | 229,141,544 |  |  |  | 1,909,630 |  |  |  | (11,930,773 | ) |  |  | 219,120,401 |
Mortgage-backed securities |  |  | 33,501,686 |  |  |  | 168,700 |  |  |  | (4,100,674 | ) |  |  | 29,569,712 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 10,000 |  |  |  | - |  |  |  | 260,000 |
Total fixed maturity securities available for sale |  | $ | 362,750,511 |  |  | $ | 2,282,842 |  |  | $ | (19,174,861 | ) |  | $ | 345,858,492 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 9,942,265 |  |  | $ | 2,688,375 |  |  | $ | (948,114 | ) |  | $ | 11,682,526 |
Total equity securities at estimated fair value |  | $ | 9,942,265 |  |  | $ | 2,688,375 |  |  | $ | (948,114 | ) |  | $ | 11,682,526 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 93,355,623 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 172,516,125 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 46,311,955 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (1,746,605 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for loan losses |  |  | (1,970,311 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (342,860 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 308,123,927 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 38,437,960 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 152,890,656 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 191,328,616 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 11,010,029 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 151,553 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 11,161,582 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,095,473 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 46,942,536 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 2,600,300 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 9,479,798 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for doubtful accounts |  |  | (1,609,951 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 70,508,156 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 10,299,826 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 948,963,125 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) |  | Includes $938,500 of Membership stock and $1,661,800 of Activity stock due to short-term advances and letters of credit.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2022 and 2021 2) Investments (Continued) The Company’s investments as of December 31, 2021 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2021: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 22,307,736 |  |  | $ | 578,567 |  |  | $ | - |  |  | $ | 22,886,303 |
Obligations of states and political subdivisions |  |  | 4,649,917 |  |  |  | 212,803 |  |  |  | (1,989 | ) |  |  | 4,860,731 |
Corporate securities including public utilities |  |  | 174,711,061 |  |  |  | 21,791,370 |  |  |  | (353,668 | ) |  |  | 196,148,763 |
Mortgage-backed securities |  |  | 34,365,382 |  |  |  | 905,159 |  |  |  | (161,332 | ) |  |  | 35,109,209 |
Redeemable preferred stock |  |  | 269,214 |  |  |  | 13,383 |  |  |  | - |  |  |  | 282,597 |
Total fixed maturity securities available for sale |  | $ | 236,303,310 |  |  | $ | 23,501,282 |  |  | $ | (516,989 | ) |  | $ | 259,287,603 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 8,275,772 |  |  | $ | 3,626,444 |  |  | $ | (305,802 | ) |  | $ | 11,596,414 |
Total equity securities at estimated fair value |  | $ | 8,275,772 |  |  | $ | 3,626,444 |  |  | $ | (305,802 | ) |  | $ | 11,596,414 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 53,533,712 |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 175,117,783 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 51,683,022 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (918,586 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for loan losses |  |  | (1,699,902 | ) |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (409,983 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 277,306,046 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 41,972,462 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 155,393,335 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 197,365,797 |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,190,602 |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 2,540,698 |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 3,731,300 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 13,478,214 |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 48,632,808 |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (1) |  |  | 2,547,100 |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 4,983,251 |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for doubtful accounts |  |  | (1,686,218 | ) |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 67,955,155 |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 6,313,012 |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 823,555,327 |  |  |  |  |  |  |  |  |  |  |  |  |
(1) |  | Includes $905,700 of Membership stock and $1,641,400 of Activity stock due to short-term advances and letters of credit.
Schedule of Fair Value of Fixed Maturity Securities | The following table summarizes unrealized losses on fixed maturities securities available for sale that were carried at estimated fair value at December 31, 2022 and at December 31, 2021. The unrealized losses were primarily related to interest rate fluctuations and inflation. The tables set forth unrealized losses by duration with the fair value of the related fixed maturity securities: Schedule of Fair Value of Fixed Maturity Securities
|  | Unrealized Losses for Less than Twelve Months |  |  | Fair Value |  |  | Unrealized Losses for More than Twelve Months |  |  | Fair Value |  |  | Total Unrealized Loss |  |  | Fair Value |
At December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 2,685,277 |  |  | $ | 79,400,753 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,685,277 |  |  | $ | 79,400,753 |
Obligations of States and Political Subdivisions |  |  | 378,067 |  |  |  | 5,467,910 |  |  |  | 80,070 |  |  |  | 429,020 |  |  |  | 458,137 |  |  |  | 5,896,930 |
Corporate Securities |  |  | 10,935,114 |  |  |  | 162,995,969 |  |  |  | 995,659 |  |  |  | 5,781,822 |  |  |  | 11,930,773 |  |  |  | 168,777,791 |
Mortgage and other asset-backed securities |  |  | 2,884,731 |  |  |  | 19,909,907 |  |  |  | 1,215,943 |  |  |  | 6,978,745 |  |  |  | 4,100,674 |  |  |  | 26,888,652 |
Total unrealized losses |  | $ | 16,883,189 |  |  | $ | 267,774,539 |  |  | $ | 2,291,672 |  |  | $ | 13,189,587 |  |  | $ | 19,174,861 |  |  | $ | 280,964,126 |
At December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Obligations of States and Political Subdivisions |  | $ | 1,989 |  |  | $ | 548,715 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,989 |  |  | $ | 548,715 |
Corporate Securities |  |  | 73,507 |  |  |  | 4,638,750 |  |  |  | 280,161 |  |  |  | 3,771,813 |  |  |  | 353,668 |  |  |  | 8,410,563 |
Mortgage and other asset-backed securities |  |  | 72,952 |  |  |  | 7,934,760 |  |  |  | 88,380 |  |  |  | 1,582,804 |  |  |  | 161,332 |  |  |  | 9,517,564 |
Total unrealized losses |  | $ | 148,448 |  |  | $ | 13,122,225 |  |  | $ | 368,541 |  |  | $ | 5,354,617 |  |  | $ | 516,989 |  |  | $ | 18,476,842 |
Schedule of Earnings on Fixed Maturity Securities | The following table presents a rollforward of the Company’s cumulative other than temporary credit impairments (“OTTI”) recognized in earnings on fixed maturity securities available for sale. Schedule of Earnings on Fixed Maturity Securities
|  | 2022 |  |  | 2021 |
Balance of credit-related OTTI at January 1 |  | $ | 264,977 |  |  | $ | 370,975 |
Additions for credit impairments recognized on: |  |  |  |  |  |  |  |
Securities not previously impaired |  |  | - |  |  |  | 39,502 |
Securities previously impaired |  |  | - |  |  |  | - |
Reductions for credit impairments previously recognized on: |  |  |  |  |  |  |  |
Securities that matured or were sold during the period (realized) |  |  | (39,502 | ) |  |  | (145,500 | )
Securities due to an increase in expected cash flows |  |  | - |  |  |  | - |
Balance of credit-related OTTI at December 31 |  | $ | 225,475 |  |  | $ | 264,977 |
Schedule of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and estimated fair value of fixed maturity securities available for sale at December 31, 2022, by contractual maturity. Expected maturities may differ from contractual maturities because certain borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Schedule of Investments Classified by Contractual Maturity Date
|  | Amortized Cost |  |  | Estimated Fair Value |
Due in 1 year |  | $ | - |  |  | $ | - |
Due in 2-5 years |  |  | 139,431,212 |  |  |  | 135,093,083 |
Due in 5-10 years |  |  | 87,552,213 |  |  |  | 84,011,366 |
Due in more than 10 years |  |  | 102,015,400 |  |  |  | 96,924,331 |
Mortgage-backed securities |  |  | 33,501,686 |  |  |  | 29,569,712 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | 260,000 |
Total |  | $ | 362,750,511 |  |  | $ | 345,858,492 |
Schedule of Gain (Loss) on Investments | The following table presents the net realized gains and losses from sales, calls, and maturities, unrealized gains and losses on equity securities, and other than temporary impairments from investments and other assets. Schedule of Gain (Loss) on Investments
|  |  | 2022 |  |  |  | 2021 |
|  | Years Ended December 31 |
|  | 2022 |  |  | 2021 |
Fixed maturity securities available for sale: |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 205,949 |  |  | $ | 984,740 |
Gross realized losses |  |  | (43,776 | ) |  |  | (139,728 | )
Other than temporary impairments |  |  | - |  |  |  | (39,502 | )
Equity securities: |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  |  | (10,519 | ) |  |  | 390,597 |
Unrealized gains (losses) on securities held at the end of the period |  |  | (2,109,556 | ) |  |  | 2,732,130 |
Mortgage loans held for investment: |  |  |  |  |  |  |  |
Gross realized gains |  |  | - |  |  |  | 1,890,826 |
Gross realized losses |  |  | - |  |  |  | (4,190 | )
Real estate held for investment and sale: |  |  |  |  |  |  |  |
Gross realized gains |  |  | 1,239,332 |  |  |  | 2,347,924 |
Gross realized losses |  |  | (825,593 | ) |  |  | (2,426,428 | )
Other assets, including call and put option derivatives: |  |  |  |  |  |  |  |
Gross realized gains |  |  | 686,703 |  |  |  | 547,785 |
Gross realized losses |  |  | - |  |  |  | (58,522 | )
Total |  | $ | (857,460 | ) |  | $ | 6,225,632 |
Schedule of Major Categories of Net Investment Income | Information regarding sales of fixed maturity securities available for sale is presented as follows. Schedule of Major Categories of Net Investment Income
|  | 2022 |  |  | 2021 |
|  | Years Ended December 31 |
|  | 2022 |  |  | 2021 |
Proceeds from sales |  | $ | 3,091,105 |  |  | $ | 2,896,351 |
Gross realized gains |  |  | 24,281 |  |  |  | 208,698 |
Gross realized losses |  |  | (32,976 | ) |  |  | (4,046 | )
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements Years Ended December 31, 2022 and 2021 2) Investments (Continued) Major categories of net investment income were as follows:
|  | 2022 |  |  | 2021 |
|  | Years Ended December 31 |
|  | 2022 |  |  | 2021 |
Fixed maturity securities available for sale |  | $ | 12,395,764 |  |  | $ | 10,769,979 |
Equity securities |  |  | 511,118 |  |  |  | 446,337 |
Mortgage loans held for investment |  |  | 34,949,763 |  |  |  | 28,758,614 |
Real estate held for investment and sale |  |  | 14,563,269 |  |  |  | 12,334,989 |
Policy loans |  |  | 932,362 |  |  |  | 940,890 |
Insurance assignments |  |  | 18,112,840 |  |  |  | 19,062,052 |
Other investments |  |  | 518,865 |  |  |  | 131,145 |
Cash and cash equivalents |  |  | 1,666,945 |  |  |  | 235,470 |
Gross investment income |  |  | 83,650,926 |  |  |  | 72,679,476 |
Investment expenses |  |  | (17,453,334 | ) |  |  | (14,414,793 | )
Net investment income |  | $ | 66,197,592 |  |  | $ | 58,264,683 |
Schedule of Commercial Real Estate Investment | The Company’s commercial real estate held for investment is summarized as follows: Schedule of Commercial Real Estate Investment
|  | Net Ending Balance |  |  | Total Square Footage |
|  | December 31 |  |  | December 31 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Utah (1) |  | $ | 147,627,946 |  |  | $ | 150,105,948 |  |  |  | 625,920 |  |  |  | 625,920 |
Louisiana |  |  | 2,380,847 |  |  |  | 2,426,612 |  |  |  | 31,778 |  |  |  | 31,778 |
Mississippi |  |  | 2,881,863 |  |  |  | 2,860,775 |  |  |  | 19,694 |  |  |  | 19,694 |
|  | $ | 152,890,656 |  |  | $ | 155,393,335 |  |  |  | 677,392 |  |  |  | 677,392 |
(1) |  | Includes Center53 phase 1 and phase 2
The Company’s commercial real estate held for sale is summarized as follows:
|  | Net Ending Balance |  |  | Total Square Footage |
|  | December 31 |  |  | December 31 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Kansas |  | $ | - |  |  | $ | 2,000,000 |  |  |  | - |  |  |  | 222,679 |
Louisiana |  |  | - |  |  |  | 389,145 |  |  |  | - |  |  |  | 2,872 |
Mississippi (1) |  |  | 151,553 |  |  |  | 151,553 |  |  |  | - |  |  |  | - |
|  | $ | 151,553 |  |  | $ | 2,540,698 |  |  |  | - |  |  |  | 225,551 |
(1) |  | Approximately 93 acres of undeveloped land
Schedule of Annual Undiscounted Cash Flows of Operating Lease Payments | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease payments to be received. Schedule of Annual Undiscounted Cash Flows of Operating Lease Payments
2023 |  | $ | 11,650,181 |
2024 |  |  | 10,310,144 |
2025 |  |  | 9,933,831 |
2026 |  |  | 8,282,769 |
2027 |  |  | 6,720,796 |
Thereafter |  |  | 50,530,849 |
Total |  | $ | 97,428,570 |
Schedule of Residential Real Estate Investment | The Company’s residential real estate held for investment is summarized as follows: Schedule of Residential Real Estate Investment
|  | Net Ending Balance |
|  | December 31 |
|  | 2022 |  |  | 2021 |
Utah (1) |  | $ | 38,437,960 |  |  | $ | 41,686,281 |
Washington (2) |  |  | - |  |  |  | 286,181 |
|  | $ | 38,437,960 |  |  | $ | 41,972,462 |
(1) |  | Including subdivision land developments
(2) |  | Improved residential lots
The following table presents additional information regarding the Company’s subdivision land developments in Utah.
|  | December 31 |
|  | 2022 |  |  | 2021 |
Lots available for sale |  |  | 80 |  |  |  | 67 |
Lots to be developed |  |  | 1,131 |  |  |  | 548 |
Ending Balance |  | $ | 38,241,705 |  |  | $ | 41,479,434 |
The Company’s residential real estate held for sale is summarized as follows:
|  | 2022 |  |  | 2021 |
|  | Net Ending Balance |
|  | December 31 |
|  | 2022 |  |  | 2021 |
Utah |  | $ | 11,010,029 |  |  | $ | - |
Nevada |  |  | - |  |  |  | 979,640 |
Texas |  |  | - |  |  |  | 200,962 |
Ohio |  |  | - |  |  |  | 10,000 |
Real estate held for sale |  | $ | 11,010,029 |  |  | $ | 1,190,602 |
Schedule of Real Estate Owned and Occupied by the Company | The primary business units of the Company occupy a portion of the commercial real estate owned by the Company. As of December 31, 2022, real estate owned and occupied by the Company is summarized as follows: Schedule of Real Estate Owned and Occupied by the Company
Location |  | Business Segment |  | Approximate Square Footage |  |  | Square Footage Occupied by the Company |
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 |  | Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales |  |  | 221,000 |  |  |  | 50 | %
1044 River Oaks Dr., Flowood, MS |  | Life Insurance Operations |  |  | 19,694 |  |  |  | 28 | %
1818 Marshall Street, Shreveport, LA (1) |  | Life Insurance Operations |  |  | 12,274 |  |  |  | 100 | %
909 Foisy Street, Alexandria, LA (1) |  | Life Insurance Sales |  |  | 8,059 |  |  |  | 100 | %
812 Sheppard Street, Minden, LA (1) |  | Life Insurance Sales |  |  | 1,560 |  |  |  | 100 | %
1550 N 3rd Street, Jena, LA (1) |  | Life Insurance Sales |  |  | 1,737 |  |  |  | 100 | %
(1) |  | Included in property and equipment on the consolidated balance sheets
Schedule of Allowance for Loan Losses as Contra Asset Account | The Company establishes a valuation allowance for credit losses in its mortgage loans held for investment portfolio. The following table presents the valuation allowance for loan losses as a contra-asset account. Schedule of Allowance for Loan Losses as Contra Asset Account
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 187,129 |  |  | $ | 1,469,571 |  |  | $ | 43,202 |  |  | $ | 1,699,902 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Provision |  |  | - |  |  |  | 270,409 |  |  |  | - |  |  |  | 270,409 |
Ending balance |  | $ | 187,129 |  |  | $ | 1,739,980 |  |  | $ | 43,202 |  |  | $ | 1,970,311 |
Ending balance: individually evaluated for impairment |  | $ | - |  |  | $ | 225,667 |  |  | $ | - |  |  | $ | 225,667 |
Ending balance: collectively evaluated for impairment |  | $ | 187,129 |  |  | $ | 1,514,313 |  |  | $ | 43,202 |  |  | $ | 1,744,644 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 46,311,955 |  |  | $ | 93,355,623 |  |  | $ | 172,516,125 |  |  | $ | 312,183,703 |
Ending balance: individually evaluated for impairment |  | $ | 405,000 |  |  | $ | 2,162,385 |  |  | $ | - |  |  | $ | 2,567,385 |
Ending balance: collectively evaluated for impairment |  | $ | 45,906,955 |  |  | $ | 91,193,238 |  |  | $ | 172,516,125 |  |  | $ | 309,616,318 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 187,129 |  |  | $ | 1,774,796 |  |  | $ | 43,202 |  |  | $ | 2,005,127 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Provision |  |  | - |  |  |  | (305,225 | ) |  |  | - |  |  |  | (305,225 | )
Ending balance |  | $ | 187,129 |  |  | $ | 1,469,571 |  |  | $ | 43,202 |  |  | $ | 1,699,902 |
Ending balance: individually evaluated for impairment |  | $ | - |  |  | $ | 105,384 |  |  | $ | - |  |  | $ | 105,384 |
Ending balance: collectively evaluated for impairment |  | $ | 187,129 |  |  | $ | 1,364,187 |  |  | $ | 43,202 |  |  | $ | 1,594,518 |
Mortgage loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ending balance |  | $ | 51,683,022 |  |  | $ | 53,533,712 |  |  | $ | 175,117,783 |  |  | $ | 280,334,517 |
Ending balance: individually evaluated for impairment |  | $ | 1,723,372 |  |  | $ | 2,548,656 |  |  | $ | - |  |  | $ | 4,272,028 |
Ending balance: collectively evaluated for impairment |  | $ | 49,959,650 |  |  | $ | 50,985,056 |  |  | $ | 175,117,783 |  |  | $ | 276,062,489 | (1)
(1) | Amount corrected from that previously reported due to a typographical error.
Schedule of Aging of Mortgage Loans | The following table presents the aging of mortgage loans held for investment. Schedule of Aging of Mortgage Loans
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ | 1,000,000 |  |  | $ | 3,553,390 |  |  | $ | - |  |  | $ | 4,553,390 |
60-89 Days Past Due |  |  | - |  |  |  | 814,184 |  |  |  | - |  |  |  | 814,184 |
Greater Than 90 Days (1) |  |  | - |  |  |  | 1,286,211 |  |  |  | - |  |  |  | 1,286,211 |
In Process of Foreclosure (1) |  |  | 405,000 |  |  |  | 876,174 |  |  |  | - |  |  |  | 1,281,174 |
Total Past Due |  |  | 1,405,000 |  |  |  | 6,529,959 |  |  |  | - |  |  |  | 7,934,959 |
Current |  |  | 44,906,955 |  |  |  | 86,825,664 |  |  |  | 172,516,125 |  |  |  | 304,248,744 |
Total Mortgage Loans |  |  | 46,311,955 |  |  |  | 93,355,623 |  |  |  | 172,516,125 |  |  |  | 312,183,703 |
Allowance for Loan Losses |  |  | (187,129 | ) |  |  | (1,739,980 | ) |  |  | (43,202 | ) |  |  | (1,970,311 | )
Unamortized deferred loan fees, net |  |  | (199,765 | ) |  |  | (1,212,994 | ) |  |  | (333,846 | ) |  |  | (1,746,605 | )
Unamortized discounts, net |  |  | (230,987 | ) |  |  | (111,873 | ) |  |  | - |  |  |  | (342,860 | )
Net Mortgage Loans |  | $ | 45,694,074 |  |  | $ | 90,290,776 |  |  | $ | 172,139,077 |  |  | $ | 308,123,927 |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 Days Past Due |  | $ | - |  |  | $ | 3,117,826 |  |  | $ | 1,363,127 |  |  | $ | 4,480,953 |
60-89 Days Past Due |  |  | 100,204 |  |  |  | 580,815 |  |  |  | - |  |  |  | 681,019 |
Greater Than 90 Days (1) |  |  | 1,723,372 |  |  |  | 2,052,062 |  |  |  | - |  |  |  | 3,775,434 |
In Process of Foreclosure (1) |  |  | - |  |  |  | 496,594 |  |  |  | - |  |  |  | 496,594 |
Total Past Due |  |  | 1,823,576 |  |  |  | 6,247,297 |  |  |  | 1,363,127 |  |  |  | 9,434,000 |
Current |  |  | 49,859,446 |  |  |  | 47,286,415 |  |  |  | 173,754,656 |  |  |  | 270,900,517 |
Total Mortgage Loans |  |  | 51,683,022 |  |  |  | 53,533,712 |  |  |  | 175,117,783 |  |  |  | 280,334,517 |
Allowance for Loan Losses |  |  | (187,129 | ) |  |  | (1,469,571 | ) |  |  | (43,202 | ) |  |  | (1,699,902 | )
Unamortized deferred loan fees, net |  |  | (36,813 | ) |  |  | (498,600 | ) |  |  | (383,173 | ) |  |  | (918,586 | )
Unamortized discounts, net |  |  | (240,614 | ) |  |  | (169,369 | ) |  |  | - |  |  |  | (409,983 | )
Net Mortgage Loans |  | $ | 51,218,466 |  |  | $ | 51,396,172 |  |  | $ | 174,691,408 |  |  | $ | 277,306,046 |
(1) | Interest income is not recognized on loans past due greater than 90 days or in foreclosure.
Schedule of Impaired Mortgage Loans | Schedule of Impaired Mortgage Loans
|  | Recorded Investment |  |  | Unpaid Principal Balance |  |  | Related Allowance |  |  | Average Recorded Investment |  |  | Interest Income Recognized |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 405,000 |  |  | $ | 405,000 |  |  | $ | - |  |  | $ | 762,175 |  |  | $ | - |
Residential |  |  | 1,142,494 |  |  |  | 1,142,494 |  |  |  | - |  |  |  | 998,798 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 103,976 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential |  |  | 1,019,891 |  |  |  | 1,019,891 |  |  |  | 225,667 |  |  |  | 683,922 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 405,000 |  |  | $ | 405,000 |  |  | $ | - |  |  | $ | 762,175 |  |  | $ | - |
Residential |  |  | 2,162,385 |  |  |  | 2,162,385 |  |  |  | 225,667 |  |  |  | 1,682,720 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 103,976 |  |  |  | - |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
With no related allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,723,372 |  |  | $ | 1,723,372 |  |  | $ | - |  |  | $ | 1,053,865 |  |  | $ | - |
Residential |  |  | 1,591,368 |  |  |  | 1,591,368 |  |  |  | - |  |  |  | 2,731,421 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,481 |  |  |  | - |
With an allowance recorded: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Residential |  |  | 957,288 |  |  |  | 957,288 |  |  |  | 105,384 |  |  |  | 726,449 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1,723,372 |  |  | $ | 1,723,372 |  |  | $ | - |  |  | $ | 1,053,865 |  |  | $ | - |
Residential |  |  | 2,548,656 |  |  |  | 2,548,656 |  |  |  | 105,384 |  |  |  | 3,457,870 |  |  |  | - |
Residential construction |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 100,481 |  |  |  | - |
Schedule of Credit Risk of Mortgage Loans Based on Performance Status | The Company’s performing and non-performing mortgage loans held for investment are summarized as follows: Schedule of Credit Risk of Mortgage Loans Based on Performance Status
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
|  | December 31 |  |  | December 31 |  |  | December 31 |  |  | December 31 |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Performing |  | $ | 45,906,955 |  |  | $ | 49,959,650 |  |  | $ | 91,193,238 |  |  | $ | 50,985,056 |  |  | $ | 172,516,125 |  |  | $ | 175,117,783 |  |  | $ | 309,616,318 |  |  | $ | 276,062,489 |
Non-performing |  |  | 405,000 |  |  |  | 1,723,372 |  |  |  | 2,162,385 |  |  |  | 2,548,656 |  |  |  | - |  |  |  | - |  |  |  | 2,567,385 |  |  |  | 4,272,028 |
Total |  | $ | 46,311,955 |  |  | $ | 51,683,022 |  |  | $ | 93,355,623 |  |  | $ | 53,533,712 |  |  | $ | 172,516,125 |  |  | $ | 175,117,783 |  |  | $ | 312,183,703 |  |  | $ | 280,334,517 |
Schedule of Mortgage loans Held for Investment | Schedule of Mortgage loans Held for Investment
|  |  |  |  | Principal |  |  | Principal |  |  | Principal |
|  |  |  |  | Amounts |  |  | Amounts |  |  | Amounts |
|  |  |  |  | Due in |  |  | Due in |  |  | Due |
|  | Total |  |  | 1 Year |  |  | 2-5 Years |  |  | Thereafter |
Residential |  | $ | 93,355,623 |  |  | $ | 1,332,862 |  |  | $ | 10,000,042 |  |  | $ | 82,022,719 |
Residential Construction |  |  | 172,516,125 |  |  |  | 167,805,559 |  |  |  | 4,710,566 |  |  |  | - |
Commercial |  |  | 46,311,955 |  |  |  | 9,405,903 |  |  |  | 28,597,132 |  |  |  | 8,308,920 |
Total |  | $ | 312,183,703 |  |  | $ | 178,544,324 |  |  | $ | 43,307,740 |  |  | $ | 90,331,639 |

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